Aspen has submitted an application to the Central Bank of Ireland, seeking approval for a new insurance subsidiary in Dublin.
This new Irish subsidiary – Aspen Insurance Ireland DAC (Aspen Ireland) – will ensure that Aspen can continue serving partners and clients in the European Economic Area (EEA) following the United Kingdom’s exit from the European Union. Aspen will also utilize the proposed Lloyd’s Belgium Subsidiary through Aspen Managing Agency Limited (AMAL).
Subject to regulatory approval, it is anticipated that Aspen Ireland will be operational by the first quarter of 2019.
Classes of insurance business currently planned to be written via Aspen Ireland include Casualty, Credit and Political Risk, Accident & Health, and Commercial Property.
Existing UK and non-EEA policies not impacted by Brexit will continue to be written within Aspen Insurance UK Limited (AIUK).
AIUK and AMAL CEO Mike Cain said: “Aspen has had a strong local branch presence in the Republic of Ireland for many years. Dublin is, therefore, a logical fit for our new insurance subsidiary given its highly-regarded business and regulatory environment.
“Aspen Ireland, together with our use of the Lloyd’s Belgium Subsidiary, will ensure that we can continue to meet the needs of our EEA clients and brokers post-Brexit.”
Aspen does not believe that its reinsurance business will be affected by Brexit, subject to political agreements regarding Solvency II equivalence.
Source: Company Press Release